Stocks are Still a Good Idea

I risk stating the obvious when I say that economic times are still tough. The recession, as the term is strictly defined, ended last summer. But that just means that the economy stopped contracting. The environment is still plenty challenging, even if it is a tiny bit less challenging than it was a few months ago.

So it feels a little strange to be discussing the first birthday of the bull market. Most people are not comfortable even calling it a bull market, using paler terms such as rally or recovery. But in any other economic context it would be hailed as a great and wondrous upswing that we have all been lucky to live through.

The S&P 500 closed at 682.55 on March 5, 2009. That turned out to be its low for 2009, and indeed for the decade. It was a level last seen in September 1996. In other words, with dividends ignored, the market had on average returned nothing for thirteen years.

As evidenced by that market low, last March was the peak of economic fear and pessimism. The banking system seemed liable to collapse, unemployment was rising fast, the housing market was in a tailspin, and nobody, not consumers nor businesses, was spending a dime more than was absolutely necessary for anything.

But unless a person was willing to assume a true doomsday scenario, the stock market was then compellingly cheap by just about any measure. (I listed some of them a year ago.) As some wag put it, and I wish I had an attribution for this, "Either the market is a screaming bargain or the world is coming to an end. Well, if the world comes to an end I’m going out fully invested."

Of course, the world did not come to an end, and as confidence built that it would not, the market staged one of its greatest rallies ever. On March 5, 2010 the S&P closed at 1138.70, a one year return of 66.83% before dividends. For most of us, that is a once-in-a-lifetime 12 month gain. The runner up in modern memory is the year ending June 1983, at the start of the 1982-2000 bull market era, in which the S&P gained 52.94%.

And just as most of us had never seen a gain like that before, and likely never will again, virtually all of us missed out on taking full advantage of it. Somewhere there is somebody who got out of the market in the fall of 2008 and then jumped in with both feet in March 2009, but for everybody else the 67% gain is more theory than reality.

Last Friday the S&P closed at 1149.99. That is a little lower than the close on October 1, 2008. And a little higher than the close on November 18, 1998. For most investors, who lack market timing skills and nerves of steel, the 67% run-up gets lost in what is on a longer term basis a very disappointing period for the stock market.

The market is, in my not-so-humble opinion, still fairly cheap. It is hard for me to get my head around the idea that corporate America is now worth the same as it was 11 1/2 years ago. A reasonable person might argue that the market was way too high in 1998, but I am not one of those people. And it would have to have been very overvalued back then in order for today’s level to make sense. If nothing else, inflation has pushed prices up about 33% since 1998, so in real terms the S&P is now about a fourth lower.

Despite the recent glory and present cheapness, I do not perceive much enthusiasm for the stock market these days. Indeed, it is the recent glory and cheapness that is psychologically working against it. Most people do not look at a 67% one-year gain and invest expecting another one. On the contrary, they view 67% as an anomaly. It is either a one-time correction for a one-time problem, or an implausible and unsustainable gain that will no doubt have to be at least partially undone soon.

And the relative cheapness of the market, the fact that it is now where it was 10-15 years ago, tends not to fill investors with optimism. The "Lost Decade" just ended has caused many to question the primacy of the stock market in mainstream investing. On balance, that is probably a good thing. The stock market is not, and has never been, free money. The truly historic 1982-1999 period, in which the market was up 16 of 18 years and averaged 14.8% annual return, gave a generation of investors unrealistic expectations.

But the stock market is still just about the best thing available for ordinary investors. It should not be the only place to invest, and probably should get a lower allocation than has been recommended by most pundits in the past, but over the long run it can still be expected to be the highest returning investment that most people are able to make. (And, not at all coincidentally, also the most risky.)

Now is a scary, or at the least uncomfortable, time to invest in the stock market. At the risk of cliché, it is worth citing the truism that in hindsight the best times to invest were always the times of lowest confidence. It is the times of high confidence, when putting your savings in the market seems like a no-brainer, that tend to lead to tragic events.

Investing | Frank Curmudgeon | March 15, 2010 11:59 am

92 Comments

By Steve, March 15, 2010 @ 12:51 pm

I had a friend who used to say “I earned more this month on my house than I did at my job.” He stopped saying that at some point…

In the last year I earned more in my portfolio than I did at my job. But since my crystal ball wasn’t working, all that I had in the market was what was in there before it crashed. I didn’t bother to state the above. All I earned was (some) of my own money back.
By Dan, March 15, 2010 @ 2:30 pm

I clearly recall that period in March ’09. And my thinking at the time also was something along the lines of the world coming to an end or that it was significantly undervalued.

But the problem was I had started grad school in Fall ’07, and accumulated some credit card debt while I was hunting for the job I started in January ’09. So for me, the real question was whether or not I should be borrowing money for that endeavor… I chose not to. There was no guarantee that the correction/recovery would happen so quickly, and likewise, I wasn’t about to pay an 11% APR to figure it out.

As for the investments I did have at the market peak, I did let them sit. And they’re still sitting there. So the end result is my investments are down about 22% from their maximum value (I was contributing to my 401k up until Sept ’07 and my Roth through Feb ’08.)
By Craig, March 15, 2010 @ 3:14 pm

2009 was certainly a historic year to be in stocks. My overall portfolio was up by over 30% for the calendar year, so like Steve, I made more there than in the office. And as I say, that’s the calendar year. It would be fun to figure out my return on the twelve months just ended, if largely pointless.

But I can’t pretend I didn’t lose a _ton_ of money in 2008. I’m only grateful that I was able to take a deep breath and keep buying all through the bottom of the market. A year ago, my retirement spreadsheet was signalling at least a Yellow Alert, if not the full Condition Alpo for my golden years. Today, things are more or less on track. That’s a good feeling, too.
By kyrgfpl, March 15, 2010 @ 9:18 pm

“over the long run it can still be expected to be the highest returning investment that most people are able to make. (And, not at all coincidentally, also the most risky.)”

The “most risky” part merits quite a bit more space than a mere afterthought. The fact is that people who are relying upon historical equity returns for their retirement are the people who can least afford the risk. Those people should be spending less and earning more, not investing in equities.
By tom brakke, March 16, 2010 @ 9:14 am

You said:

“A reasonable person might argue that the market was way too high in 1998, but I am not one of those people. And it would have to have been very overvalued back then in order for today’s level to make sense.”

I’m interested in a further explanation for that, since by historical measures the market was overvalued then (and, as routinely happens, overvalued markets lead to subsequent poor returns).

Without regard to your views today, I’m interested in understanding your historical assessment of that time and why you have reached the conclusion you have.
By Rob Bennett, March 16, 2010 @ 9:52 am

But unless a person was willing to assume a true doomsday scenario, the stock market was then compellingly cheap by just about any measure.

I strongly disagree, Frank.

The fair-value P/E10 level is 14. At the March low, we were at 12. That’s a tiny bit below fair value, certainly not “compellingly cheap.”

The reason why people fall for the spin generated by The Stock-Selling Industry on this sort of question is that people have been fooled by the heavy and relentless promotion of Buy-and-Hold into thinking that valuations don’t matter that much. When you know that they matter, you know that you need to go to credible sources of information on valuations to know where they stand. Not all sources of information are credible on these questions, and those backed by the “experts” in The Stock-Selling Industry are the least credible.

Rob
By mwarden, March 16, 2010 @ 11:51 am

I find it interesting that you acknowledge that the stock market is risky, but at the same time you “expect” it to return highly over the long term. That doesn’t sound risky to me!
By Dan, March 16, 2010 @ 12:55 pm

kyrgfpl,

You are absolutely right, and that’s one thing I never understood about the stock market. “Everybody knows” you shouldn’t invest money in the stock market that you can’t afford to lose, but… we are also told to invest early and invest often (or at least consistently).

I’m 30 years old, make a salary of $70k annually, have $80k in student loan debt, rent (20% down on a reasonable townhouse around here would probably be $70k, which is $70k more than I have for a down payment right now), and have no other consumer debt.

Should I, or should I not be investing my 401k contribution and corresponding employer match into equities? Can I really afford to lose what I am investing? (Invest in risky assets when you’re young! You’ll have plenty of time to make up your losses!) I can tell you, without a doubt, that whatever losses I incur in my retirement portfolio over the years will have a meaningful impact in my quality of life at retirement.
By Monevator, March 19, 2010 @ 9:15 am

Very good point about how the rally not being hailed as the tremendous achievement you might expect following such a return.

It’s being more treated like an incredibly bright child who everyone is a bit uncomfortable around as he bashes out Mozart on the piano. Good in theory, but a bit creepy.

I’m spotting this bias all the time – the media is still in bear mode. For instance, a bank returns to profit and it barely gets a whisper.

Those March 2009 lows – don’t you miss them? I was near fully invested, but I can’t claim the quote. I did write this however (hope you don’t mind the link, please do delete if so): http://monevator.com/2009/03/11/who-isnt-buying-the-market-right-now/

I suspect I’ll be linking to that for years to come, though I stress the absolute day-perfect timing of the post was a complete and utter fluke. I didn’t expect any sudden rally, and think you can’t expect such things.

Around the same time I saw research suggesting stocks could return on average 20% pa after a ‘lost decade’. Something to think about!
By subame, April 29, 2023 @ 9:28 pm

ชีวิตที่เร่งรีบคาสิโนออนไลน์จึงตอบโจทย์เพราะทั้งง่ายและสะดวกที่สำคัญปลอดภัยสุดๆ เว็บการพนันออนไลน์อันดับ 1 เว็บคาสิโนออนไลน์ยักษ์ใหญ่ศูนย์รวมเกมออนไลน์จ่ายจริง จ่ายเต็มแค่สมัครเข้ามาก็มีสิทธิ์ทำเงินสร้างรายได้ทันที
By Pjgqyn, May 12, 2023 @ 8:56 am

order cialis 40mg sale buy cialis 10mg buy cheap generic ed pills
By Doups, May 17, 2023 @ 6:58 pm

Despite being illegal in some parts of the world, WPT poker continues to be popular among fans of the game. This is because it offers an exciting and entertaining way to play poker. Skip the lines and sign up online. Both the iOS and Android operating systems support the WPT Poker app. Follow these steps to download the Advanced WPT Poker app: WPT site does not load to let you log onto it. Just get a blank page when I try to load the lobby. Finding your way around the Advanced WPT Poker App can be easy. You can simply download the app and familiarize yourself with the online poker experience because of the app’s user-friendly design. With online poker no longer an option for Americans, many players turned to live tournaments like the WPT as their primary way to play and watch poker. But as online poker has slowly become legal again in various U. states, tournament attendance has fallen off a cliff.
https://www.gd-complex.kr/bbs/board.php?bo_table=free&wr_id=60504
Play 88 fortunes online. You’re going to find the biggest opportunities, the hottest games, and the most unique opportunities to walk away from the table as a serious heavyweight winner. Online gaming has truly grown by leaps and bounds over the past few years. Simply put, if you want to enjoy horse racing, 4D lottery, slots, sports betting, and a wide variety of the latest casino games to make the online scene, we’re here to help. Why are we considered to be the best casino Malaysia experience you are ever going to find? All you need to do is check out the range of games we offer. Check out our live odds, our SportBook, or our 4D section. For the most exhaustive range of gambling opportunities to be found anywhere, we are the definitive gambling casino you have been looking for.
By Awdaoe, May 20, 2023 @ 10:40 pm

isotretinoin order online buy amoxicillin without a prescription oral zithromax
By Epyldj, May 22, 2023 @ 5:20 pm

azipro 250mg cost order omnacortil 10mg generic cheap generic gabapentin
By Wbjcxq, May 24, 2023 @ 11:15 am

buy generic furosemide 100mg generic vibra-tabs oral ventolin 2mg
By Fjrzsc, May 26, 2023 @ 4:23 am

buy cheap levitra tizanidine brand buy hydroxychloroquine for sale
By odnxadpf, June 15, 2023 @ 7:28 am

How many milligrams are in a 50mg Accutane capsule? https://isotretinoinex.website/
By axongdqy, June 15, 2023 @ 7:31 am

online accutane price of accutane
By kfbabagn, June 15, 2023 @ 8:01 am

accutane australia accutane medicine buy buy accutane online united states
By khqzuyen, June 15, 2023 @ 10:24 am

best website to buy accutane accutane cream
By rsojkmzz, June 15, 2023 @ 10:29 am

Is a dosage of 6000 mg Accutane within the safe range for acne treatment? https://isotretinoinex.website/
By hjracsbu, June 15, 2023 @ 11:01 am

What is the cost of Accutane if the recommended dosage is 100 milligrams? https://isotretinoinex.website/
By Vyzmvc, June 15, 2023 @ 10:36 pm

purchase sumycin pill lioresal pill buy baclofen generic
By Awriyo, June 16, 2023 @ 1:55 am

ampicillin online buy cipro online cheap buy flagyl cheap
By Uedzuq, June 17, 2023 @ 12:31 pm

toradol medication buy toradol paypal cheap inderal 20mg
By Ovayha, June 17, 2023 @ 10:08 pm

septra uk order keflex pills cleocin 300mg tablet
By Ldifup, June 19, 2023 @ 2:37 am

clopidogrel 150mg usa buy generic clopidogrel 75mg order warfarin generic
By Lupyyq, June 19, 2023 @ 6:52 pm

erythromycin 500mg for sale buy erection pills oral nolvadex 20mg
By Wtangu, June 20, 2023 @ 6:57 pm

reglan 10mg canada hyzaar uk buy cheap esomeprazole
By Uhtsfv, June 21, 2023 @ 3:57 pm

cheap rhinocort buy budesonide bimatoprost uk
By Zdyzkx, June 22, 2023 @ 10:29 am

order topamax pill levaquin cheap order levofloxacin 250mg for sale
By Uyhvsx, June 23, 2023 @ 12:31 pm

robaxin 500mg ca buy robaxin without prescription buy suhagra 50mg online
By Ecjher, June 24, 2023 @ 12:45 am

buy cheap generic dutasteride buy generic ranitidine meloxicam 15mg for sale
By Wpuoxq, June 25, 2023 @ 9:17 am

cost aurogra 100mg sildenafil without a doctor’s prescription brand estradiol 2mg
By Ofvzvy, June 25, 2023 @ 2:54 pm

order celecoxib pill brand zofran 8mg where can i buy zofran
By Kgmtck, June 27, 2023 @ 6:34 am

buy aldactone paypal spironolactone pills where can i buy valtrex
By Cgpesu, June 27, 2023 @ 10:52 am

buy lamictal 50mg online cheap generic prazosin 1mg buy minipress online
By Ekjyqu, June 28, 2023 @ 8:58 pm

propecia ca oral sildenafil 50mg sildenafil overnight shipping
By Fmrofy, June 29, 2023 @ 12:00 pm

buy retin online cheap tretinoin over the counter purchase avana generic
By Lbnmmm, July 30, 2023 @ 8:17 am

buy generic valsartan 80mg ipratropium 100 mcg pill buy generic ipratropium for sale
By Ywdpso, July 30, 2023 @ 9:34 pm

buy calcitriol generic purchase fenofibrate pill buy generic tricor online
By Hguxhu, August 1, 2023 @ 9:28 am

decadron 0,5 mg ca how to get starlix without a prescription order nateglinide 120mg online cheap
By Ssxkvi, August 2, 2023 @ 6:57 am

buy oxcarbazepine 600mg pill trileptal 600mg pill generic actigall
By Wcxevc, September 4, 2023 @ 11:53 pm

ferrous 100 mg us purchase ascorbic acid pill sotalol 40mg canada
By Bob, September 6, 2023 @ 6:17 am

We feature every no deposit casino bonus so you get to play the casino games you love without spending your cash. To start you off, we have shortlisted the top 10 best no deposit bonus casinos online. These Casinos are a cut above the rest and offer you a free registration bonus with a new player account, no deposit required. No Deposit Bonus: Exclusive 10 free spins on Starburst Xxxtreme slot. Max cashout is €10. No bonus code is needed if you follow our claim bonus link. 1st Deposit Bonus: 100% up to €150 + 40 free spins on Starburst Xxxtreme. Min Deposit: €10. Wagering Requirements: 35x We are an independent directory and reviewer of online casinos, a casino forum, and guide to casino bonuses. In online casinos, no deposit bonuses are offered to attract new players. No deposit bonuses allow players to win real money prizes without having to risk their own money. In addition to getting to know the casino and its games, you can also win real money prizes and explore different options.
http://www.daonmindclinic.com/bbs/board.php?bo_table=free&wr_id=45063
Like all bonuses shown on this page, we’ve researched the top US online casino sites and found the best deposit bonuses available now. Where a bonus code is required to activate the offer, this is included, along with other details, in the table below: There are dozens of online casinos available to players in eligible states throughout the US. With such competition, operators work hard to attract customers with their latest casino bonuses. All kinds of online casino promotions are available and come in many forms for new customers and existing players. Read below for the most common bonus types that casinos use to attract you into becoming a regular player. How casino bonuses work varies. For some you will need to invest some real money of your own to earn the bonus, but you can get no-deposit bonuses just for signing up. They might be bonuses of money to wager, free spins to play with, or free coins. Read our breakdown of the types of bonuses you can earn.
By Hkezfl, September 6, 2023 @ 1:02 pm

order mestinon 60 mg pills buy piroxicam 20mg without prescription rizatriptan drug
By Lwcxvn, October 7, 2023 @ 6:48 am

order phenytoin sale order dilantin online cheap buy oxybutynin 2.5mg pills
By Cwnomi, October 9, 2023 @ 12:07 am

loratadine price tritace cost dapoxetine 30mg pill
By Tsynqb, October 9, 2023 @ 7:49 am

buy lioresal pill where to buy amitriptyline without a prescription cost toradol 10mg
By Gepxnw, October 11, 2023 @ 6:31 am

lioresal online buy order endep pills buy toradol paypal
By Pasrms, October 11, 2023 @ 8:30 pm

amaryl 1mg drug cytotec without prescription buy arcoxia generic
By RodneyRoore, October 13, 2023 @ 7:55 am

бриллкс
Brillx
Так что не упустите свой шанс вступить в мир Brillx Казино! Играйте онлайн бесплатно и на деньги в 2023 году, окунувшись в море невероятных эмоций и неожиданных поворотов. Brillx – это не просто игровые аппараты, это источник вдохновения и увлечения. Поднимите ставки и дайте себе шанс на большую победу вместе с нами!Играя на Brillx Казино, вы можете быть уверены в честности и безопасности своих данных. Мы используем передовые технологии для защиты информации наших игроков, так что вы можете сосредоточиться исключительно на игре и наслаждаться процессом без каких-либо сомнений или опасений.
By Tlblsm, October 13, 2023 @ 8:51 am

alendronate 70mg generic order generic alendronate 35mg order nitrofurantoin 100mg generic
By canadain pharmacy no prescription, October 14, 2023 @ 10:34 am

family pharmacy online
By Ufdagf, October 15, 2023 @ 3:15 pm

buy inderal online purchase clopidogrel generic plavix ca
By Oxjhfc, October 17, 2023 @ 8:43 pm

order pamelor pills buy nortriptyline cheap buy acetaminophen 500mg generic
By canadian pharmacy worldwide, October 18, 2023 @ 2:59 am

best canadian pharmacy no prescription
By Nefoxp, October 19, 2023 @ 9:59 am

buy generic xenical 120mg orlistat online buy order generic diltiazem 180mg
By Bmryzv, October 19, 2023 @ 11:39 pm

buy generic medex over the counter order paroxetine generic metoclopramide 20mg ca
By Wrjmfx, October 23, 2023 @ 4:02 am

azelastine 10ml brand oral azelastine cost avapro 300mg
By Fblloo, October 23, 2023 @ 2:44 pm

famotidine 40mg oral buy famotidine online buy generic prograf 5mg
By Pzgxxp, October 26, 2023 @ 5:36 pm

nexium tablet buy remeron without a prescription buy generic topiramate
By Ouxtiv, October 28, 2023 @ 6:05 am

buy zyloprim online cheap buy clobetasol paypal buy generic rosuvastatin for sale
By Epiwsb, October 28, 2023 @ 10:18 pm

sumatriptan for sale online order levaquin pill avodart buy online
By Sziyvw, October 29, 2023 @ 8:19 pm

buspin pill purchase zetia generic amiodarone 100mg generic
By auto glass shop in 27420, May 1, 2024 @ 10:41 am

The attention to detail is remarkable. I appreciate the thoroughness of The post.
By windshield replacement shop near 27415, May 1, 2024 @ 9:55 pm

Engaging with The Writing is like savoring a gourmet meal; every bite (or word) is to be enjoyed.
By auto glass shop in 27480, May 2, 2024 @ 6:49 pm

The attention to detail is as attractive as it is thorough. I appreciate a person who notices the little things.
By ADAS System for auto glass, May 4, 2024 @ 8:28 pm

The insights are like a favorite book; I find new treasures each time I return.
By windshield repair raleigh, June 3, 2024 @ 12:22 am

This post was a joy to read from beginning to end! Your expertise on the subject shines through in every paragraph, making complex topics accessible and interesting. Your passion for the subject matter is infectious, and I can’t wait to see what topic you tackle next. Excellent job.
By Colettedub, June 10, 2024 @ 2:12 pm

CBD exceeded my expectations in every way thanks does cbd make you sleepy . I’ve struggled with insomnia in the interest years, and after tiring CBD for the first mores, I finally practised a full evening of restful sleep. It was like a bias had been lifted off the mark my shoulders. The calming effects were merciful after all sage, allowing me to roam slow uncomplicatedly without feeling punchy the next morning. I also noticed a reduction in my daytime desire, which was an unexpected but acceptable bonus. The partiality was a flash shameless, but nothing intolerable. Comprehensive, CBD has been a game-changer for my nap and angst issues, and I’m grateful to arrange discovered its benefits.
By Magen Aluise, June 30, 2024 @ 2:58 pm

https://709h.com/space-uid-1042116.html
By Blondell Patrone, June 30, 2024 @ 9:51 pm

https://lovebookmark.win/story.php?title=clear-vision-ahead-the-ultimate-guide-to-auto-glass-replacement#discuss
By Eddie Rayam, July 1, 2024 @ 11:46 pm

http://crazy.pokuyo.com/home.php?mod=space&uid=165719
By Emory Corr, July 2, 2024 @ 7:24 am

http://vkeepw.evai.pl/home.php?mod=space&uid=399633
By Lane Wilgus, July 2, 2024 @ 9:49 pm

https://go-god.main.jp/forum/home.php?mod=space&uid=133577
By Dewey Duplessy, July 3, 2024 @ 9:15 pm

https://wifidb.science/wiki/Shattered_No_More_The_Ultimate_Guide_to_Auto_Glass_Replacement
By cheap, July 4, 2024 @ 12:56 pm

albuterol over the counter
By Jere Lablanc, July 5, 2024 @ 9:15 pm

https://posteezy.com/shattered-no-more-ultimate-guide-auto-glass-replacement
By Joync, July 12, 2024 @ 6:45 am

As the Spin Casino mobile apps don’t have the best ratings on Apple or Google Play, opt to play at the casino on a mobile browser. In testing, we found the site well-optimized for mobile gameplay, so you don’t need to download the app to enjoy Spin Casino games on the go. You could also play at illegal offshore online casinos (which we never recommend). The issue with illegal offshore online casinos is you’ll be putting your money and personal information at risk. DuckyLuck also offers a huge variety of fiat and crypto payment options. It features more than 450 mobile casino games, spanning slots, blackjack, roulette, baccarat, video poker, scratch games online, specialty games and live casino games, and they are easy to find on the web app. The mobile casino lobby is quick and easy to navigate. If you need assistance, 24 7 customer support is available. Pack all of that together, and you can understand why our team likes DuckyLuck so much.
https://fernandosmzn789012.bluxeblog.com/58635505/big-fish-casino-free-download
Advancing to the next status level is now simpler than ever! Be sure to take advantage of Caesars Slots double and triple Status Points promotions to tier up quicker! Players begin as Bronze members, yet with 7 status levels The Playtika Rewards loyalty program will make your gameplay even more exciting! Whether or not you can play the top games from these developers for free or not, depends largely on the bonuses provided by the online casinos you play with. But you can also find demo versions of casino games, slot games in particular, on slot developer websites. This is a good way to try out specific games without the need to register and deposit funds at a casino. Great thing about playing free casino games at sweepstakes casinos is that you almost never run out of coins to play with. In addition to no deposit bonuses, these casinos also offer daily login bonuses. In other words, they will give you a certain amount of gold coins and sweeps coins every day just for showing up!
By pills, July 16, 2024 @ 11:23 pm

buy propecia tablets
By Merle Mohn, July 20, 2024 @ 6:27 pm

I’m officially a fan of The work. It’s like having a crush, but intellectually stimulating.
By drugs, July 29, 2024 @ 7:18 pm

acyclovir cream prices
By anner, August 1, 2024 @ 1:01 am

Please visit our contact page, and select “I need help with my account” if you believe this is an error. Please include your IP address in the description. Other software providers include Real Time Gaming, Rival, and DragonGaming. There are a variety of games provided by each software provider. Golden Dragon Inferno, 88 Frenzy Fortune, Rags to Riches, Wilds of Fortune, and Stampede are some of the slot games provided by Betsoft. Other software providers include Visionary iGaming, Concept Gaming, Fresh Deck Studios, and PureRNG. Software providers provide slots games on HTML meaning they play well on mobile devices and PC. The HTML experience keeps players on their toes because it gives them multiple options on the platform. Engaging Gym Clicker Game: Workout Io Arena Review I hope this list of iOS games for money helps you turn your next gaming session into a lucrative side hustle.
http://ambar.utpl.edu.ec/user/waiprovpartla1977
Note: The betting structure varies with different variations of the game. Explanations of the betting action in Limit Hold’em, No Limit Hold’em, and Pot Limit Hold’em can be found below. You say that i should’t code a special case when a third player joins and that is exactly what i am trying to figure it out, the general rule. But to me this seems to be a special case especially when the third hand the dealer will have to stay on the same seat while the blinds accommodate. It’s as if the big blind always moves instead of the button. Just remember, the goal is to have fun and challenge yourself, so don’t give up. Good luck! The most popular poker game played at the Lodge, and around the world, is No-Limit Texas Hold’em. This poker format features the game Texas Hold’em, played with a no-limit betting structure.
By Debrah Rhym, August 3, 2024 @ 1:33 pm

The Writing is a constant source of inspiration and knowledge, like a muse that never fails to inspire. Thank you for being my muse.
By 5 Star Rated Auto Glass Shop Near Tampa, FL, August 4, 2024 @ 8:42 pm

You have a gift for explaining things in an understandable way, much like a smooth talker who knows just what to say.
By lokquogue, August 30, 2024 @ 1:22 pm

Gregory NoJfsOpSTD 5 29 2022 priligy dapoxetine amazon It wasn t until 1976 that tamoxifen s suppressive, anti estrogenic effect on breast cancer was discovered
By carcal adas, September 9, 2024 @ 2:16 am

I appreciate how you’ve explained things so clearly. It really helped me understand the topic better.
By carl cal experts, September 9, 2024 @ 8:01 pm

What a compelling read! The arguments were well-presented and convincing.
By Clemmons Auto Glass, December 28, 2024 @ 7:32 pm

Engaging with The work is as thrilling as a spontaneous road trip. Where to next?